February 2017

You don’t need us to tell you it’s soon Valentine’s Day. But you may be surprised to hear we believe it’s time for you to start loving your competitors.

They may take business from you. You may take customers from them. They can certainly be a major pain in the backside. So why fall in love? The truth is, the next big idea. The sort that transforms your business. That may come from your competitor.

Your competitors can spark great ideas for you too

Look at it this way. They may be doing something well, but look closely and you might see what you can do differently and better. Learning from their mistakes is usually easier for you than it is for them. You can look at the situation with a clear mind, with no emotion or detail clouding your judgement.

Understanding your competitors means understanding your customers

You can progress what they’re doing into a better product or service without having to pay for the error. You can find inspiration in what is working well for them. Understand your competitors and you will have a better understanding of your market. And the more you know about your market, the better chance you have of finding better customer solutions and new opportunities.

Enter your competitors’ world

A great way to be perceived as an expert in your field is to use social media to congratulate your competitor when they have won a deal. Or launched a new product. It shows you have your finger on the pulse of your market, while your customers (and prospects) may think you have their best interests at heart.

Are they threatened by you?

This action develops trust. Suddenly, you are seen as industry thought leaders. All the information is already out in the open, so you are not risking much. But if they thank you, it shows they do not threaten you. And there is a good chance their customers will take a closer look at you. If on the other hand they ignore you, the market will note your kindness. Their actions will also be noted. Pack your congratulatory message with keywords, and it will help you appear in Google searches.

Let’s hope they’re looking at you too

There is something worse than your competitors watching what you’re doing. When they’re not looking at you. If they don’t take a keen interest, you need to quickly understand why. Your competitors can unlock new ideas for meeting your customer’s needs, you’ve got to love them for that, haven’t you?

Any questions? Feel free to get in touch with us on hello@octopusintelligence.co.uk